Hi,
There are many examples of this (British Telecom, Royal Mail etc.)
There are many approaches, one is below
Leverage/protect current advantages that we have that are hard to access
1. Customer base - we have access to customers that we can start to offer deals, reach out directly to to speak about our advantages vs competitors etc.
2. Infrastructure where applicable - many such industries have huge infrastructure investments that allow them to be monopolies - depending on the terms of the opening up some of this can be leveraged for their own gain
3. Existing knowledge of processes - it takes time for new comers to get up to speed and get set up etc. As an incumbent you have a significant head start here
4. Inherent bias against change - people don't want change, it upsets their routine. Make it hard to change for customers
Minimize/close the gaps with external competitors
1. Customer service - rapidly expand to meet industry criteria
2. High financial burden - often monopolies are ladled with debt, pension costs and low productivity and these need to be addressed head on
3. R&D - not enough incentive to innovate. You could acquire a company in another country for quick expertize
You can further map these against internal capabilities to prioritize different initiatives
Hope the helps,
Udayan
(edited)